Customer Acquisition – Meaning and its Process
April 3, 2025
Customer acquisition is the process of acquiring new customers for business or converting existing prospect into new customers. The importance of customer acquisition varies according to the specific business situation of an organization. This process is specifically concerned with issues like acquiring customers at less cost, acquiring as many customers as possible, acquiring customers who…
Imagine walking in aisle of a typical super market (Shaw’s, Costco etc) to purchase salt, there are many offerings but choice is “Morton”. It is a simple example but a great situation to understand brand and brand equity. Companies already know that identity of product created over period of time through strategic marketing is brand,…
If in an organization, many customers diverge their way to other organizations and customer acquisition program shows less aggressiveness then the organization faces terrible cash flow problems. This is the time when tracking the number of customers in each stage of customer life cycle becomes essential. This helps the organization to determine the purchasing power…
Regression scoring is one of the difficult but more precise and faithful marketing technique as compared to profiling and modeling. For targeting new and esteemed customers all the organization substantially pursue regression scoring techniques. Following is the process involved in regression scoring:
Following are the general types of regression scoring which are implemented according to specific need by the organization:
Regression scoring has many advantages over other marketing methods. The primary advantage is that it measures the usefulness of variables that helps in determining which prospect to target and when. Secondly it provides a sophisticated and scientific process to determine the cutoff values or scores for a particular marketing campaign. The outcome of regression scoring helps in enhancing marketing efficiency. The primary and the only disadvantage of regression scoring is that the whole process is very complex and costlier as compared to profiling which is easy to perform.
Even if regression scoring is considered as complex and costly process but it is hardly recommended for an organization to implement regression scoring as it usually targets high marketing efficacy and effectiveness. In acquiring new customers regression scoring is the most capable and important marketing process that yields great results, hence organization should usually compromise on complexity and cost.
Your email address will not be published. Required fields are marked *